Carl Horst Chief Executive Officer at Cincinnati Area Board of REALTORS | Official website
Carl Horst Chief Executive Officer at Cincinnati Area Board of REALTORS | Official website
The Department of Veterans Affairs (VA) is set to temporarily lift its restriction on buyers directly paying for real estate representation. This decision was revealed by a VA official at a Mortgage Bankers Association conference in New York.
Michelle Corridon, the VA Deputy Director of Policy, shared that this temporary measure will remain until the agency initiates a formal rulemaking process. Although not an official announcement, her comments were welcomed by the real estate sector. The VA's home loan guaranty program is currently unique in prohibiting direct payment to buyer agents.
This restriction has posed challenges for veteran buyers when sellers do not offer compensation to buyer agents. As a result, veterans may find themselves without professional representation or compelled to choose less favorable loan options.
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